Welfare, Health & Security News

Youth Bankbook will Double the Savings of 1,100 Participants

08/22/2017SMG887

Youth Bankbook is a program in which participants will receive two times what they have saved in their account. 1,100 new participants will open accounts and start saving in earnest.

The Double-hope Youth Bankbook is a project introduced by the Seoul Metropolitan Government (SMG) in 2015 for the first time in the nation to support young people who are having difficulty in gaining financial independence because of working in temporary jobs, college loans, and rise in residential cost. 938, 1,100, and 2,038 people were selected to open a Youth Bankbook in 2015, 2016 and 2017, respectively.

Starting this year, the matching ratio for the Double-hope Youth Bankbook has changed from 1 to 0.5 to one-on-one, which means 100% of the savings will be additionally added and the participant will receive up 10.8 million won, which amounts to twice the savings.

The Double-hope Youth Bankbook works in the following way: eligible low income young people save 50,000 won, 100,000 won, and 150,000 won per month over two to three years and the SMG and private sectors add additional savings to the account. The collected funds can be used for the purpose of paying for residence, marriage, education, and starting a new company. Additional savings are made through SMG funds and private sector contributions. Meanwhile, Woori Bank offers a special interest rate that is higher than the market rate to all Youth Bankbook subscribers.

The SMG sent out recruitment announcements in March 2017 and received applications over April for new subscribers to the Youth Bankbook. 4,227 people applied for 1,000 spots, exhibiting a competition rate of 4.2:1, which is twice as high compared to 2016.
To help young people gain financial independence and a good future, the SMG will select an additional 100 people to root for the young people in their fight for a better future.

In addition to providing additional savings to Youth Bankbook subscribers, the SMG also provided opportunities to enjoy various cultural events such as musicals, operas and concerts to 1,550 Youth Bankbook subscribers and their families through the cooperation of JTN Media, Sejong Center, and Seoul Metropolitan Theater.